This transcript has been automatically generated and may not be 100% accurate.

... I ... I am married to so with a Wall Street Journal Editorial Clinton joined again by ... Wall Street Journal editorial page editor Paul to go ... with our special inauguration day coverage ... all in one turn to foreign policy ... of the week the sound bites here ... let's have a listen ... we ... the people ... still when the ... indoor and secure and lasting peace ... not require perpetual war ... ok called perpetual war ... I it was a meanie and resenting ... well I think it's again it's it's a way of accentuating what he thinks is he's he inherit which was obviously didn't hurt too too too long wars along the Iraq war is very much a winding down on a successful ... path when he did inherit ... but there's a sense in which his coalition I'm ... really wants to be done with four entanglements ... AMP's winding VL he's winding down Afghanistan for that purpose he says in every instance ... the tide of War is receding ... they've been reluctant for sample the help of French in Mali ... despite the French asking for requests in North Africa ... I have resisted ... mightily getting involved in Syria for example ... so there is there is a sense in which what he's saying is this is a ... my second term is not to be about these four entanglements ... which one to be about investing in all it's gonna be about ... nation building ... can use that phrase but nation building hole ... that was the kind of message he was trying to ... to set now to ... that of the problem second term presidents often has as the world doesn't ... necessarily care ... what they what their priorities are to impose itself ... on often on American presidents ... and and and that I think is the dilemma one of the challenges he's been the face because are on ... for example and China and Japan which we've seen over the weekend with new saber rattling over ... the East China Sea ... he may find out that the carnivores not receding in America's called again to do things that to ... but Americans always done to keep the peace so Paul Howard has his domestic agenda ... comport facing those challenges abroad how is it going ... to cut the Defense Department honestly I ... didn't take that money to spend it domestically but I think it is a simple is that it is as simple as that would happen to see the ratings year in ... a great editorial on this cold Obama at the pinnacle ... that said ... it's it's too difficult for the Liberals to achieve their agenda ... with ... two percent the year Growth Stacey defensible ... if possible ... okay ... so there's not enough revenue to two percent of growth throws off in order to finance all of the ambitions that they have ... in the president's wants to get just a big tax increase right okay so he he he he it's a victory for him politically ... but even if it succeeds it to its wildest ... imagination it gets what six hundred and twenty six hundred and fifty billion dollars over ten years ... that's a drop in the liberal pocket ... pardon the cliche ... it's really not enough to finance what they want to do ... so ... I think I'm ... he needs three percent four percent growth over an extended period time ... we'll believe ... it made him a real return to the eighties and nineties ... he gets that ... that I think you can go a lot of these other issues are easier to soften eleven greater political standing ... to accomplish that if he doesn't get the kind of growth ... I think it's gonna be rough second term when just wanna return and so the overall theme of the of of the speech which was essentially ... no reform to entitlement is ... more spending ... on new ally ... inclined to efforts to put money into green energy and climate change and how ... he achieves this kind of growth that is exactly the same agenda that he hadn't the first term well I'd I think he would disagree with your premise ... question I think you would think the the the the his policies attempting to do with slow growth it's an inheritance of the Bush we shall see if that turns out to be the case ... I can in the second term and can and the economy does finally shake off ... some of the problems of a crisis ... and the current policies don't we down on job creation if we can break through that ... that would be fine but I think you see here between the lines the president senses that he has ... a majority coalition now of that of the center left majority coalition ... he believes that ... that Bill Clinton half that he didn't need to worry so much about ... using conservative voters or white voters in some of the States because he is adorable coalition of ... women ... of minorities ... of people below a certain income level ... of affluent whites on the West Coast in the East Coast ... and in Illinois ... to the sum of the new year suburbs affluent suburbs ... that ... that is gonna support this kind of agenda so he's pushing ... and this is this this inaugural was a sign of a very I think ... confident ... politically confident and politically aggressive present ... so is the Fed is that ... by this agenda the bill still come due until twenty fourteen when the Democrats will see when the but the bills and how I think is that if this is not ... that this was not a speech by somebody saying ok I wanted but let's come together and compromise ... and solve some of these Proms this was ... on my agenda ... my agent is the right one for this trip to the stage ... I could've pursue aggressively ... and those who get in the way ... I should be ready for combat will hardly degree in nine years that he was built to be in the first term Wall Street Journal it oral patients are posts ago ... thank you so much for being with us and say two more to come up and turn ...